Companies Registry fees were last increased in August 2005. However, the basic incorporation fee for an Isle of Man company has remained unchanged at £180 since August 2003 as the Financial Supervision Commission has sought to ensure the Isle of Man Company continues to be seen as a cost effective and competitive product.

With the concurrence of Treasury, the Commission will be seeking Tynwald approval at the March sitting to increase the fees charged in the Companies Registry by roughly 7% from the 6th April 2008. This broadly represents the inflationary increase since the last orders in August 2005.

Subject to Tynwald approval the incorporation fee for an Isle of Man company under both the 1931 and the 2006 Companies Act will increase from £180 to £190. The cost of increasing the authorised share capital of a 1931 Act company will be increased for the first time since October 2000, from £15 per £1,000 to £16. Registering a company under Part XI of the 1931 Companies Act will increase from £146 to £156.

The annual return fee will remain unchanged at £320. However, from the 6th April 2008 dormant companies will be required to pay the equivalent of the old annual return fee which has been increased form £70 to £75. The cost of registering an LLC will increase from £125 to £135 and the annual return fee for an LLC will increase from £70 to £75.

The cost of re-registering a 1931 Act company as a 2006 Act company will increase from £90 to £93. The cost of applying to dissolve a company will increase from £50 to £54.

The cost of registering a limited partnership will increase from £200 to £215, and the cost of registering a business name will increase from £38 to £40.

The cost of conducting a search in the Companies Registry will increase from £2.40 per file to £2.50 and the cost of photocopies will increase from 22p per page to 24p. The cost of conducting a search on the internet will increase from £1 per document opened to £1.10p. The cost of a certificate of fact also referred to as a certificate of good standing in the 2006 Companies Act will increase from £38 to £40.

The Commission will also be seeking Tynwald approval towards the end of the year to introduce an annual declaration fee of £55 for business names.

Please note that these changes may not be final and are subject to Tynwald approval. This advanced notice is being provided to help you to deal with the proposed changes.

Queries concerning this press release should be addressed to the Senior Manager in the Companies Registry.